Juul Labs plans to chop about 500 jobs by the tip of the yr, the Wall Street Journal reported, citing individuals conversant in the matter.The cuts
Juul Labs plans to chop about 500 jobs by the tip of the yr, the Wall Street Journal reported, citing individuals conversant in the matter.
The cuts are a part of a broader reorganization plan geared toward appeasing regulators, the report mentioned. The e-cigarette large can even reduce its advertising funds and spend money on methods to restrict underage vaping.
Juul didn’t instantly reply to CNBC’s request for touch upon the Journal report.
The e-cigarette market is present process “a mandatory reset,” the corporate’s new CEO Ok.C. Crosthwaite mentioned in a press release Monday to the Wall Avenue Journal, including that the corporate’s focus is to earn “a license to function within the U.S. and world wide.”
Juul suspended sales of all fruity flavors earlier this month, forward of the Trump administration’s anticipated elimination of all flavored e-cigarettes from the market. Well being and Human Companies Secretary Alex Azar instructed CNBC that the halt will not deter the Trump administration’s plans.
The Meals and Drug Administration is presently the right way to deal with tobacco flavors, proposing a rule final yr that has obtained more than 525,000 comments to date.
Mitch Zeller, director of the FDA’s Middle for Tobacco Merchandise, mentioned final week that the administration is “laborious at work” on the flavour ban.
Learn the complete Wall Avenue Journal report here.